Medical-to-Retail Conversion
For Sale
$1,799,999
234 San Pedro, San Antonio, TX 78205
A 4,428-sf medical space with plumbing in place, located in an Opportunity Zone with C-3NA designation and nearby parking-ready lots.
Property Size4,428 SF
Price / SF$406.50
Days on Market237
Property Features for 234 San Pedro
General Information
Standard status
Active
Size
4,428 SF
Total Parking Spaces
38
Property subtype
Commercial
Zoning
C-3NA
Additional Details
Opportunity Zone
Yes
Building Details
Year Built
1946
Listing Agency:
Keller Williams Heritage
(210) 493-3030
Listed By:
Aden Stiles
Source:
Phyllisbrowning
Added: Jan 3
Changed: Aug 28
Last Checked: Aug 26 at 9:20AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams Heritage
Investment Insights
Based on property information with market context.
This property at 234 San Pedro Ave is a 4,428-square-foot building currently being used as medical space, with plumbing run throughout. The listing also notes the space can be made into an immediate retail setup, with potential designation flexibility described as dropping the NA or shifting to C-2.
The site is presented as being well placed within an Opportunity Zone and under a C-3NA designation. The property includes three adjoining lots with 38 parking spots already slotted.
In addition to the on-site parking, the listing points to nearby development momentum, including the Missions Baseball Stadium being built across the bridge.
The site is presented as being well placed within an Opportunity Zone and under a C-3NA designation. The property includes three adjoining lots with 38 parking spots already slotted.
In addition to the on-site parking, the listing points to nearby development momentum, including the Missions Baseball Stadium being built across the bridge.
Key Highlights
- 4,428 SF medical space currently in use with plumbing already run throughout
- Year built: 1946
- Located in an Opportunity Zone with C‑3NA designation
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$60,349
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.35%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,206,980
$1.2M
Cap Rate 7%
$862,129
$862.1K
Cap Rate 9%
$670,544
$670.5K
Market Conditions
NOI Build-Up for 4,428 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$97.8K $22.08/SF
− Vacancy
−$17.3K −$3.91/SF
EGI
$80.5K $18.17/SF
− OpEx
−$20.1K −$4.54/SF
NOI
$60.3K $13.63/SF
Area
San Antonio, TX
Vacancy
17.70%
Lease Rate
$22.08 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,206,980
Cap Rate 7%
$862,129
Cap Rate 9%
$670,544
Alternative Uses
Best Use
Office B
$862.1K
$754.4K – $1.01M
NOI $60,349 @ 7.0% cap · market cap 3.35%
Second Best
Healthcare Medical
$729.6K
$638.4K – $851.2K
NOI $51,074 @ 7.0% cap · market cap 2.84%
Theoretical Best
Office A
$1.13M
$988.3K – $1.32M
NOI $79,066 @ 7.0% cap · market cap 4.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,788
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 78205, TX
2,339
Population
1,755
Households
1.3
Avg Household Size
43
Median Age
44%
College-Educated
84%
High-School Grad
1.2 sq mi
ZIP Area
1,949
Density / Sq Mi
$34,631
Median Household Income
$43,382
Median Earnings
$1,265
Median Rent
$470,200
Median Home Value
Market
Vacancy Rate% for Office in San Antonio, TX
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - A 4,428-sf medical space with plumbing in place, located in an Opportunity Zone with C-3NA designation and nearby parking-ready lots.
Where is this medical office space located?
The property is located at 234 San Pedro San Antonio, TX.
What is the asking price?
The asking price for this property is $1,799,999.
What are key features of this property?
This property features: 4,428 SF medical space currently in use with plumbing already run throughout; Year built: 1946; Located in an Opportunity Zone with C‑3NA designation
